First issue: 1967 - 1981
Decimalisation of the New Zealand currency occurred on 10 July 1967, when the New Zealand pound was replaced by the New Zealand dollar at a rate of one pound to two dollars (10 shillings to a dollar). On the same day, new decimal banknotes were introduced to replace the existing pound banknotes, in denominations of $1, $2, $5, $10, $20, and $100.
These first decimal banknotes all featured a portrait of Queen Elizabeth II, the Queen of New Zealand, on the obverse. The reverse featured a native New Zealand bird and a native New Zealand plant. The colour scheme on all but the $5 note (which was an entirely new denomination, worth £2 10s) remained the same on equivalent pound and dollar notes to ease the transition (e.g. £10 and $20 were both green).
Second issue: 1981 - 1991
The second issue of New Zealand dollar banknotes occurred in 1981, when the Reserve Bank changed printer. As a result, the new notes were slightly different from their predecessors. The most notable change was to the portrait of the Queen, which had been updated, and whom was now facing forward, not to the left.
In 1983, a $50 banknote was introduced to fill the long gap between the $20 note and the $100 note.
Third issue: 1991 - 1999
In 1991, all the banknotes except the $1 and $2 notes were redesigned. The new series featured notable New Zealanders on the obverse, with the exception of the $20 note, which still featured the Queen, while the reverse sides were redesigned to incoporate a natural New Zealand scene, with a native New Zealand bird in the foreground.
A notable feature of this series was the inclusion of the portrait of Sir Edmund Hillary on the obverse of the $5 note. Hillary was one of the few living non-heads of state to ever feature on a banknote in the world, and this remained true until his death on 11 January 2008.
Also in 1991, the existing $1 and $2 notes were withdrawn after $1 and $2 coins were introduced the previous year.
